Choose how to summarize transactions

When you condense your company file, you can tell QuickBooks how to summarize transactions. Select one of the following options:

To replace all transactions before the selected date with a single general journal entry, select Create one summary journal entry. If you use this method, you won't be able to run historical monthly or quarterly financial statements.

To replace all transactions up to the selected date with monthly general journal entries, select Create a summary journal entry for each month. This method is preferable if you need to run historical monthly or quarterly financial statements.

To condense your company file without creating a summary, select Don't create a summary. Note that this option doesn't create a journal entry. With this choice, you would need to enter opening balances manually.